In order to control their various business interests, The Beatles' tax advisors suggested they form an umbrella company. Formed on this day, it was named The Beatles & Co.
At the time the group had large amounts of capital, which they were in danger of losing to the Inland Revenue. To avoid this occurring they chose to invest in a business venture.
The Beatles & Co. was essentially a new version of Beatles Ltd, their original partnership. Under the new terms, each Beatle took ownership of 5% of the company, and a new corporation - which eventually became Apple Corps - would be collectively owned and would control 80% of The Beatles & Co.
Apart from songwriting royalties, which would be paid directly to the authors of the individual songs, all money earned by the group would be channeled into The Beatles & Co., which would leave them with a much lower corporate tax rate.
The legal partnership covered group, live or solo work, and was intended to bind the four controllers together for 10 years on a goodwill share issue of £1 million.